Overview
Comet Ridge Limited was admitted to the Official List of the Australian Stock Exchange (ASX) on 19 April 2004 with the ASX code COI.
Upon listing, Comet Ridge focused on commercialising large volumes of natural gas or coal seam gas (CSG) trapped in the extensive coal deposits of Queensland and New South Wales. The Company was involved in the discovery of the Tipton West coal seam gas field in southern Queensland where gas reserves of over 2 TCF have been identified. Comet owned a minority non-operated interest in the project and in mid 2005 sold its interest to the Operator to pursue a revised and expanded strategy that emphasises activities in North America and incorporates operatorship and conventional oil and gas as well as coal seam gas.
Strategy
The Company’s strategy is to provide maximum leverage to shareholders by focusing on:
- Generating our own opportunities
- Securing large acreage positions and, where possible, “owning the play”
- Maintaining meaningful ownership interests
- Operating when practicable
- Applying proven technology in new areas
- Building a diversified portfolio
- Remaining vigilant for identification of new opportunities
We seek over-looked areas. Our search parameters are simple:
- Areas where industry activity levels are currently low
- Existing well control with oil and gas indications or historical production
- Unique opportunities to secure large, contiguous land positions
- Presence of infrastructure
